Bionovo Announces an Additional 180 Day Period to Regain Compliance With Nasdaq's Bid Price Rule
Bionovo, Inc. (NASDAQ: BNVI) today announced that, on September 14, 2011, the company received a letter from Nasdaq granting an additional 180 day period to regain compliance with Nasdaq's Bid Price Rule.
The Company had first been notified on March 14, 2011, that, for the prior 30 consecutive business days, the bid price of its common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Capital Market. The letter stated that the company had been provided a period of 180 calendar days, or until September 12, 2011, to regain compliance.
The letter also stated that, in the event the Company did not regain compliance with the Rule within the 180 day period, the Company would be eligible for additional time, if the Company met the continued listing requirement for market value of publicly held shares and all other initial listing standards. In its letter dated September 14th, Nasdaq informed the Company that it has been granted an additional 180 calendar days, or until March 12, 2012.
